IB failure to execute opening orders

Quote from vikana:

I rarely trade AMEX, so this may not be of value to you:

On the NYSE you're NOT guaranteed a fill at the OPG. The specialist determines the size of the print. The earlier in the queue you are, the more likely you are for a fill.

Secondly, I just don't like AMEX. To quote marty schwartz: it's the "B-team of finance". Just not worth it imo.
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Well, this isn't exactly true either....if you have an opening only order placed 2 minutes prior to stock opening, you are entitled to the fill if you are 1 cent "in the money"...or have a market order.

If the stock opens right at your price limit, then you are "in line" based on long/short/time, etc.

With just the facts presented, I would fight like heck to get the trade....we have had a great number of fills based on the rules after we sent Goldman down to the trading floor.

We teach our traders to "assume" the trade, even if they don't get a confirmd fill, because they are entitled...then close the trade, determine your profit, either get the trade or the cash. But be darned sure you know the rules!! And check your order prices, many times our people have been off by a dollar with their orders.

Don
 
Don, I think the problem is really with IB as the order received an acknowledgement . IB is saying the stock opened at a time different from that on the tape, and that I am not due a fill.

Again, it's only $8250, so I am sure IB will take responsibility for their system problems --NOT as in NOT EVER. I can't say this is their fault, but you have to rely on the back office people to represent your position at some point or you will be arbitrating everything.
 
Don: thanks for the clarification; I can see that makes sense.

I have a couple of times been a the limit price and been partially filled.
 
I have High/Low for the first 30 min of EZM today as 2.95/2.78. Open at 2.93.

Could the 3.25 have been a bad tick (and therefore erased by the exchange)?
 
Your data isn't correct. Opening print was at 3.25 and is valid. I filled 23000 there on another system.

IB is saying AMEX has ruled in my favor. Will let everyone know if the trade goes through.
 
Quote from vikana:

thanks - yes I'm not too familiar with AMEX.

It's interesting that Yahoo has the opening print at 2.93, fwiw. Ditto at MarketWatch. IB, for some reason, does not show any trades for the first hour.
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it didn't open on the amex till 10:26:50
 
I, too, see 3705800@3.25 at 10:26:49 as the first AMEX print. It's odd that the next trade, 83300@3.15 at 10:27:24, is the one marked with the '@' as the opening print. Either way, you should have been filled. I love how the thing opened $0.40 above where it was trading on the ECNs. No wonder you fought for it :)

This is a perfect example of a stock that doesn't need a spec. It traded 3x as much on the ECNs as the AMEX (more if you ignore the huge opening print), and far more liquid and orderly.
 
as u are tradin' with ib u might have noticed da countless bulletins alertin' 'bout amex technical probs..exchange wasn't workin' for most of da session first half; maybe that has somethin' to with u order not goin' trough.
 
IB has posted, after the close, a 33,000 share short sale for me at $3.25. They say there were three rulings, the 1st was in my favor, the specialist appealed and won, and then IB's clearing agent appealed and the ruling went my way. I've never heard of three rulings on a $10k p&L item.

let's hope they don't change their minds again!

Now I can pay rent!! Whew! That was close!
 
Did they provide you any of the details? I'm sure it would be instructive to know the basis for his (temporarily) successful appeal. Unless, of course, it's "screw the retail customer, this is MY house" :)
 
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